When Ethereum’s hottest startup of final 12 months, EigenLayer, launched a 12 months in the past to huge expectations — many group members had been fast to criticize that it was lacking a critical feature.
An announcement from the undertaking on Wednesday mentioned that the function — slashing — is lastly set to reach on April 17. The introduction of slashing will mark the primary “function full” model of the protocol.
EigenLayer pioneered the idea of restaking, a method for Ethereum customers to safe further protocols past the bottom layer by recommitting their staked Ether. Slashing was imagined to be a core a part of this method, offering apps a method to punish dangerous actors by seizing a portion of their capital.
The implementation of slashing will permit Actively Validated Companies (AVSs) — apps constructed atop EigenLayer’s restaking system — to set customized circumstances penalizing operators who fail to satisfy pre-established circumstances and rewarding those that do.
“This can be a main step ahead within the EigenLayer protocol as a result of it permits for a free market the place Operators can earn rewards for his or her work and AVSs can launch verifiable companies,” EigenLayer mentioned in a blog post.
EigenLayer attracted greater than $15 billion to the platform inside a 12 months and generated huge hype for the EIGEN token, which launched in October.
EigenLayer’s ecosystem has been increasing, with “100+” AVSs in growth, in response to its web site. Notable companies embrace EigenDA, a data availability service operated by Eigen Labs, and ARPA Network, which focuses on trustless randomization.
Whereas EigenLayer pioneered restaking, the shortage of slashing left room for opponents to achieve market share. Symbiotic, which permits for the restaking of any asset, has been utilized by EigenLayer early adopters together with Hyperlane, an interoperability framework, and Ethena, a preferred artificial greenback protocol.
Learn extra: EigenLayer, Crypto’s Biggest Project Launch This Year, Is Still Missing Crucial Functionality
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